LensKart, the omnichannel eyewear giant, has transformed into a public entity as it prepares for its initial public offering (IPO).

Lenskart, established in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, operates as an omnichannel eyewear retailer catering to customers in India, the UAE, Singapore, and Japan.  The firm asserts that it operates more than 2,500 shops and has a customer base of 2 crore.

In a special meeting convened on May 30, Lenskart’s board approved a special resolution to change the company’s name from “Lenskart Solutions Private Limited” to “Lenskart Solutions Limited.”

Lenskart stated in its filing that the conversion of its name will allow it to carry out its IPO on “one or more stock exchanges.”  The planned issue size was not quantified.

The company’s filings with the Registrar of Companies (RoC) stated, “To proceed with the offer (IPO), the company must change its status from a private company limited by shares to a public company limited by shares.”

Related: Ahead of IPO, Meesho to Allot ₹411 Crore Worth of Bonus Shares

This follows five months after initial reports emerged about the eyewear unicorn’s discussions with bankers regarding an IPO valued between $750 million and $1 billion, with a valuation of $7–8 billion. 

In January, the company enlisted Kotak Mahindra Bank and Morgan Stanley to lead the IPO, aiming for a FY26 listing.

There are also reports of it looking for a pre-IPO financing round of about $1 billion.

In FY24, the startup managed to reduce its net loss to INR 10 Cr from INR 64 Cr in the previous fiscal year, marking an 84% reduction. 

During the fiscal year being analyzed, operating revenue soared by 43%, reaching INR 5,427.7 Cr compared to INR 3,788 Cr in FY23.

This development occurs amidst a wave of new-age tech firms preparing to go public on the stock exchanges.  Last year, 13 tech companies with a new-age focus went public, while over 20 of them are gearing up for IPOs this year.

Only two weeks ago, Amagi, a media-focused SaaS unicorn, transformed into a public entity in anticipation of its IPO.  Reports from May stated that OYO, a major player in the hospitality industry, has begun preparations for its IPO and aims to submit its DRHP between August and September of this year.

Last month, Groww, a major player in investment tech, submitted its draft IPO documents to SEBI using the confidential pre-filing route. Meanwhile, fintech unicorn Pine Labs has become a public entity as it prepares for its stock market debut.